Anyone with mineral or surface interests in White County, IL is welcome to participate in a discussion. Keep each other current by sharing your experiences regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
This group is too quite. What are the formations that might be targeted in this area of Illinois? Does the state have a website that gives decent information?
My siblings and I just recently inherited mineral rights in White County. My aunt recently sent me a copy of the 2010 and 2011 taxes. In 2010 the taxes were $38.30 and the net taxable value was 471. In 2011 the tax liability increased to $682.74 and the net taxable value was 8,800. The land has not been drilled so I'm wondering why the net taxable value increase is so large from one year to the next?
It sounds like they re-assessed the property. That sounds like quite a jump in value in one year, I'd contact the Supervisor of Assessments at 618-■■■■■■■■ Ext. 6, and ask if they can explain what happened.
Thank you Paul, I'll do that.
Are they taxing on mineral rights? I can understand if it is land value.
I called the assessment office today and the supervisor said it was producing. My aunt was confused and told me it was for the mineral rights, but it's the tax due for the small portion of a lease from a producing well that we inherited. We are not being taxed for the non-producing mineral rights. I'm still not sure why there was such a jump from one year to another unless the well was drilled towards the later part of 2010.
I don't know anything about mineral rights in Illinois so I need to educate myself.
Has anyone on this forum been approached by Woolsey Energy Corporation?
Yes, I have. It was back around the first of the year. I hear they are offering more now. they were offering 150/net mineral acre then. Plains Exploration is also in the area. I believe they are offering 450/nma. There is a consortium of landowners that have negotiated a decent lease. If you are interested I can get you contact info.
I have just joined this group. We have learned of inheritance of oil/gas lease and have been approached by a landman. We do not know amount that we own, but somewhere around 100 acres for the three in the family. We have been offered 125.00/150.00 per acre and 12.5% and 15% respectivly. I am a bit concerned about signing at this point as my understanding is this may be low, however, we do not have a consortium of landowners and have no idea if they are leasing near us. It is in white county. Can I get some advice about this? Also should I have an attorney in Illinois review this lease or one where I live, which is in Louisiana.
I would have an attorney in Illinois to look at it. My wife and I have leased land in Louisiana and are planning to sign a lease on some land in Illinois. The leases are a bit different and I'm certain the laws are different. The consortium has helped sweeten the pot for all landowners in White County, not just those that are members.
What part of the county is your land in?
The landman interested in leasing our land (only 400 acres) said they could not get enough land to lease, I suppose as they were offering to little. Our land is in Section 21,28,25 and 26 Third piniciapl Meridian. Does anyone know of a landman I could contact whom might be interested?
Some time back I was told by a landman that even if you have not leased you can still receive a royalty if the company "forces" a pool. Does anyone on here have any experience with this? Is there any place online that you can look up pools and production rates for wells in Illinois?
I don't know Ill. law but in OK shale plays they are force pooling 640 acre sections. I think those that are force pooled, meaning they have not signed a lease , will get a match of the best terms of those who did sign a lease. Somewhere on this site, maybe mineral help or blogs on the ribbon above, you can get more information.
I am still being asked to sign an oil and gas lease in White County, Illinois. I am not happy with the time period. It is for 4 years with a 4 year option. I think that is too long. Any comments?
I agree that is too long. You should probably just wait until they stop talking and start acting.
Thank you. I do not want to sign a lease for that long a time period and I won't worry about it.
My Mom left mineral rights to my sisters and I, which are still in the name of the estate. Does anyone recommend reasonably priced regional attorney who can help me distribute the rights to my sisters and myself? Also, how do I determine if the rights are leased? I think they were at one time, but have no documentation of that. Many thanks for any assistance. Margaret
Margaret, check the county courthouse.